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National Grid eyes UK retail market for linker

National Grid will hold a roadshow next week for a possible retail-targeted bond — the first true corporate issue in the UK’s revived retail debt market. If a deal comes, it will also be unusual among retail bonds in being index-linked.

  • 01 Sep 2011

Rated Baa1/A- with stable outlooks, though some subsidiaries have higher ratings, National Grid operates the UK’s high voltage electricity and high pressure gas transport networks, and owns electricity and gas distribution businesses in the northeastern US.

Barclays Capital and Evolution Securities are arranging the roadshow, which will take in ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 29,905.36 142 5.76%
2 JPMorgan 29,298.88 144 5.65%
3 Barclays 28,947.43 106 5.58%
4 Bank of America Merrill Lynch 28,642.89 136 5.52%
5 Deutsche Bank 24,308.16 108 4.68%

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Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 10,296.75 23 10.68%
2 Bank of America Merrill Lynch 7,861.19 21 8.15%
3 Deutsche Bank 6,720.85 31 6.97%
4 SG Corporate & Investment Banking 6,134.64 22 6.36%
5 Santander 5,655.75 19 5.87%

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Rank Lead Manager Amount €m No of issues Share %
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1 Citi 799.80 6 9.13%
2 Deutsche Bank 710.75 5 8.11%
3 JPMorgan 703.06 6 8.02%
4 BNP Paribas 554.64 4 6.33%
5 Goldman Sachs 489.41 4 5.59%

Bookrunners of Dollar Denominated HY Bonds

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1 Citi 7,171.24 46 11.03%
2 JPMorgan 6,006.43 44 9.24%
3 Bank of America Merrill Lynch 4,911.63 35 7.55%
4 Goldman Sachs 4,632.90 32 7.13%
5 Credit Suisse 4,261.07 28 6.55%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 6,504.27 23 5.81%
2 JPMorgan 5,936.55 20 5.30%
3 SG Corporate & Investment Banking 5,755.14 21 5.14%
4 Citi 5,698.20 19 5.09%
5 Deutsche Bank 5,631.78 26 5.03%